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\n\t\t\t\t\t\t\t\t\tAccording to analysts, a sustained break above $80,000 for BTC would be more convincing if it happens while optimism is dialed back slightly.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bitcoin\u2019s social mood swung from one extreme to the other in roughly 72 hours this week, with on-chain analytics firm Santiment tracking a shift from deep fear to what it\u2019s calling \u201cultra FOMO mode\u201d between Monday and Thursday.<\/p>\n
The firm is now reading that crowd enthusiasm as a warning, not a green light.<\/p>\n
Monday looked rough. Bitcoin had just stalled<\/a> near $76,000, negative commentary piled onto social platforms, and Santiment\u2019s positive-negative sentiment ratio dropped hard into FUD territory. The firm flagged that as a buy signal.<\/p>\n By Thursday, April 23, Bitcoin had recovered above $78,000 and was knocking<\/a> on $80,000 again. As of writing, BTC is trading around $77,500, up by about 4% on the week and almost 10% over the past month per CoinGecko, though it\u2019s still around 38% off the all-time high above $126,000 set in October 2025.<\/p>\n Santiment posted<\/a> earlier today that the ratio had flipped hard into \u201cultra FOMO mode\u201d and called it a \u201cclear caution signal,\u201d adding that a sustained break above $80,000 would be more convincing if optimism pulled back slightly first.<\/p>\n \u201cPrices can continue to rally, and a breach above this resistance level would be massive in bringing in new and returning traders,\u201d the firm wrote. \u201cHowever, it will ideally happen when optimism calms down just slightly.\u201d<\/p>\n<\/blockquote>\n ETF flows were more straightforward, with Farside Investors logging<\/a> $223 million in net inflows across US spot Bitcoin ETFs on April 23, where BlackRock\u2019s IBIT accounted for $167.5 million of that. Wise Crypto noted<\/a> IBIT has pulled in roughly $3 billion year-to-date, landing in the top 1% of all ETFs by inflows.<\/p>\n Not all analysts agree BTC\u2019s recent move was fully supported by strong demand. According to one of them, Carmelo Alem\u00e1n, the rally from about $76,000 to $79,400 was largely driven<\/a> by futures activity rather than spot buying.<\/p>\n During that move, open interest went up from about $24.9 billion to $28 billion, while at the same time, short liquidations across Bitcoin and Ethereum were over $1.1 billion. This, per the market watcher, meant that a lot of leveraged bearish positions had to close, and that\u2019s what drove prices up.<\/p>\n While such rallies can be sharp, they can also be unstable if they\u2019re not backed by sustained spot demand, and Alem\u00e1n noted that this structure often leaves the market vulnerable to reversals if buying pressure fades.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
Derivatives-Driven Rally Raises Questions About Durability<\/h2>\n
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